Myrtle Beach Real Estate Price Trends and Inventory
2010 Myrtle Beach Real Estate Price Trends
Cash purchases rise in Myrtle Beach, South Carolina as people take a chance on the purchase of an oceanfront condo because few lenders will hold a mortgage on condos that have a front-desk and allow weekly rentals. The activity on Myrtle Beach's exisitng and new single family homes continues to increase. Brand new standing inventory homes are sometimes a better value then a low priced foreclosure.
2008 - 2009 Myrtle Beach Real Estate Price Trends
During December 2008 Myrtle Beach real estate prices and inventory fell to their lowest point for the year. January 2009 brought the number of properties available to a higher number but prices also began to increase. In October 2009 a great selection of inventory and the prices on most properties went down to the 2004 level (pre-real estate boom).
Short Sales (Definition) and Foreclosure Resource
Many of the lowest priced properties are Short Sales and Foreclosures (Bank Owned). A short-sale means that the Seller is trying to get their mortgage company (bank) to agree to accept less money then is owed on the mortgage and release the property owner from further obligation, allow the seller to sell but pay the balance in installments, or the seller may have to sell other assets to pay the balance to the lender. Short sales have caused many headaches because of waiting months for a response from the Bank / Mortgage Lender but legislation effective in 2010 is suppose to shorten the process. How the homeowner is allowed to proceed with a short sale has also changed.
I am now Short Sale and Foreclosure Resource (SFR) certified to help both buyers and sellers with their real estate transactions.
Call me, Sandy Keller, at 843 655-4619 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it if I can help you.